Never owned one but have sailed one. Great little fun boat, VERY popular over here, great for learning and/or a bit of club type racing.
As long as the hull, rigging and attachment points are sound I cant see how you can go wrong. Do check carefully for rot if its a wooden one, and cracks if its fg. Check the sails around the stitching, particularly at the stress points.
Getting a mast shouldnt be too hard - you could make one out of a nice bit of spruce easily enough.
Ian